Alibaba's founders set up charitable trust seen valued at $3 billion
BEIJING (Reuters) - The founders of Chinese internet company Alibaba Group Holding Ltd have set up a charitable trust focusing on the environment and health that could be worth as much as $3 billion, making it one of the biggest in Asia.
Jack Ma, Alibaba's founder and executive chair, and Joe Tsai, a co-founder of Alibaba, created the trust that will be funded by share options that represent about 2 percent of their combined equity in Alibaba, the company said in a statement on its microblog on Thursday.
Alibaba did not give a value for the investment. The trust is being set up as Alibaba prepares for a highly anticipated initial public offering that could value the company at $151 billion, according to analysts. That would give the trust a value of $3.02 billion.
"It is impossible for me to be a doctor. But I can have my own way to save lives," Ma was quoted by the state news agency Xinhua as saying. Ma's personal fortune is worth around $8.9 billion, according to Forbes.
Alibaba, founded 15 years ago by Ma, has cornered the Chinese Internet consumer market and expanded into everything from online auctions to messaging and payments.
Philanthropy in China has yet to take off, as some wealthy Chinese fear generous donations could invite unwanted attention on their fortunes. China ranks towards the bottom of the list of countries where people give money to charity, volunteer or help a stranger, according to The World Giving Index, compiled by the Charities Aid Foundation.
($1 = 6.2489 Chinese Yuan)
(Reporting by Sui-Lee Wee; Editing by Miral Fahmy)
- Tweet this
- Share this
- Digg this
- One dead, one wounded in shooting in Chicago financial district
- Israel, Palestinians locked in vicious circle of Gaza wars
- U.S. says hopeful of WTO deal with India only hours before deadline
- UPDATE 2-Bombardier plans more job cuts, Russia plans intact
- Netanyahu vows to complete Gaza tunnels destruction
USB devices such as mice, keyboards and thumb-drives can be used to hack into personal computers in a potential new class of attacks that evade all known security protections, a top computer researcher revealed on Thursday. Full Article
Xiaomi's star rises as Chinese handset makers gnaw at Samsung's share: report. Full Article
Microsoft ordered by U.S. judge to submit customer's emails from abroad. Full Article